Nigeria in 1min: Economic, Business and Financial Headlines – 130218

Some Momentum for Non-oil Budget Revenue - From the CBN’s Economic Report Fourth Quarter 2017 we can see the limited success of the fiscal branch of the FGN’s diversification agenda. Gross non-oil revenue in 2017 amounted to N3.24trn, and so well short of the target for the full year, implied in the CBN’s commentary, of N5.34trn. Source Proshare Read More

Benefits of Long-Term Investment Strategy in the Equity Market - FSDH Research recommends that investors should maintain long-term investment strategy in the equity market. This will help to hedge against portfolio losses associated with short-term stock price volatility. Source Proshare Read More

Terminal operators get two weeks to clear N40b debts - Terminal operators indebted to the Nigerian Ports Authority (NPA) have two weeks to pay up or be sanctioned. Source THE NATION Read More

Importers abandon 150 containers, 100 vehicles at Tin Can - Over 150 containers and 100 vehicles worth over N1 billion have been abandoned at Tin-Can Island Port and other bonded terminals in Lagos because of bad roads. Source THE NATION Read More

Nigeria’s External Reserves Rise To 5-year High Of $41.09bn - Nigeria’s foreign external reserves reached a 5-year high of $41.09 billion in February 8, 2018, latest data on the website of the Central Bank of Nigeria revealed yesterday. Source Leadership Read More

Again, NPA releases lists of govt agencies authorised to operate at ports - Determined to ensure strict compliance to the 26th October, 2011 presidential directive on the number of agencies permitted to operate in the port as directed by the Presidential Enabling Business Environment Council (PEBEC), the Nigerian Ports Authority (NPA) has again released the list of the authorised agencies to be at ports. Source BUSINESSDAY Read More

FG partners German firm to tackle N2.7trn post-harvest losses - The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has signed a Memorandum of Understanding (MoU) with German-based Riela Projects GNA Limited to boost commercial agriculture with advanced agricultural technologies that will reduce the N2.7 trillion annual post-harvest losses. Source THE SUN Read More Source THE SUN Read More

VAIDS: FG outlines process for new taxpayers - The Federal Ministry of Finance has explained the process of participation in the Voluntary Assets and Income Declaration Scheme (VAIDS) to new taxpayers, as well as to existing ones not paying appropriate taxes. Source Daily Trust Read More

Nestle invests N74.1bn in 5 years - As part of its commitment to the economy, Nestle Nigeria Plc has invested N74.1 billion on its operations in the last five years. Source THE SUN Read More

PROSHARE REGULATORS

FIA Statement On Indian Exchanges Restricting Access To Indices And Data By Foreign Exchanges - FIA today released the following statement in response to the announcement by three Indian exchanges that they will impose restrictions on the licensing of indices and market data for use by foreign exchanges to offer derivatives based on Indian stocks. Source Proshare Read More

PROSHARE MARKETS

Stock Market Maintains Downtrend to Open The Week Negative; NSEASI Dips by -0.90% - Equities market closed today on a negative note, as NSEASI depreciated by -0.90% to close at 42,737.89 basis points as against -0.46% depreciation recorded previously. Source Proshare Read More

Banking Credit to the Private Sector: The Face Behind the Mirror - Banking credits to the private sector is guided by the position of the cycle. Naturally, banks are expected to maintain a robust credit position whenever the cycle is experiencing a boom. Source Proshare Read More

Stanbic IBTC Lists Money Market, Bond and Dollar Funds at FMDQ - Stanbic IBTC one of the leading banking groups in the country, took a bold step in its drive to creating value for the Nigerian fixed income and debt market, with the listing of three critical funds; the money market fund, bond fund and dollar fund at the FMDQ OTC exchange. Source Proshare Read More

Forex Market Gets CBN’s $210m Boost - The inter-bank Foreign Exchange Market has received the sum of $210million from the Central Bank of Nigeria (CBN), to meet customers’ requests in various segments of the market. Source Proshare Read More

Reality Bites on Interest Rates for Global Economy - World growth prospects remain very strong for 2018 and are unlikely to be derailed by recent financial market volatility, but the balance of inflation risks is shifting, with implications for monetary policy, says Fitch Ratings in its latest Global Economic Update report. Source Proshare Read More

Foreign portfolio investment hits N1.208trn - Current statistics from the Nigerian Stock Exchange (NSE) has shown that Foreign Portfolio Investments (FPIs) last year hit N1.208 trillion, accounting for about 48 per cent of total transactions. Source Leadership Read More

Rates to Remain at Current Levels Ahead of PMA - The Treasury Bills (“T-Bills”) market performance was largely bearish last week as average yields across tenors inched up 74 bps from 14.7%, to 15.4% amidst tight liquidity for major part of the week. Source Proshare Read More

FG Improves FCT Power Supply With $2.3m Transformers - The federal government yesterday commenced moves to improve electricity supply across 15 communities in the Federal Capital Territory (FCT) with the installation of two transformers of 200MVA transmission capacity at Katampe and Apo areas of Abuja. Source Leadership Read More

Power sector losing N24bn monthly to imported fuel –Fashola - The Nigerian electricity supply industry is losing an estimated N24bn monthly as a result of the importation of fuel such as diesel for alternative sources of energy, the Minister of Power, Works and Housing, Babatunde Fashola, has said. Source Punch Read More

Deutsche Bank To Repay Misled Customers - Firm And Former Head Trader Settle SEC Charges - The Securities and Exchange Commission today instituted an enforcement action against Deutsche Bank Securities Inc., which has agreed to repay more than $3.7 million to customers, which includes $1.48 million that was ordered as disgorgement. Source Proshare Read More

South Africa's ANC decides to remove Zuma as head of state: source - South Africa’s African National Congress party executive committee has decided to “recall,” or remove, President Jacob Zuma as head of state, a senior ANC source told Reuters on Tuesday, after a 13-hour meeting of the party’s top leadership. Source Reuters Read More

Dollar retreats as world share markets show signs of stability - The dollar retreated on Tuesday as global equity markets showed some signs of stability after their recent rout, reviving risk appetite that has fuelled bets against the U.S. currency on prospects of its narrowing interest rate advantage. Source Reuters Read More

Zambia lifts fuel prices as kwacha weakens - Zambian fuel prices will increase from midnight on Monday due to rising international oil prices and the depreciation of the kwacha, the energy regulator said. Source Reuters Read More

Angola's central bank says only commercial banks can sell forex to public - Angola’s central bank said on Monday it was the sole responsibility of commercial banks to sell foreign currency to the public and that it would sell forex only to large importers of essential goods. Source Reuters Read More

Gold rises, but gains capped before U.S. price data - Gold prices rose on Monday as the dollar steadied, but gains are expected to be muted ahead of inflation data from the United States later this week that could mean U.S. interest rates rise faster than expected. Source Reuters Read More

OPEC President Says Shale Surge Won't Thwart Plan to Clear Glut - Surging output of U.S. shale oil won’t be a “huge distorter” of efforts by global crude producers to clear a glut, according to OPEC’s president. Source Bloomberg Read More

PROSHARE TECHNOLOGY

Bcause LLC Opens Largest Cryptocurrency Mining Data Center In North America - Bcause LLC, creator of the world's first full-stack cryptocurrency ecosystem, today announced that it has successfully launched its state-of-the-art cryptocurrency mining facility and data center in Virginia Beach. Source Proshare Read More

Banking Credit to the Private Sector: The Face Behind the Mirror - Banking credits to the private sector is guided by the position of the cycle. Naturally, banks are expected to maintain a robust credit position whenever the cycle is experiencing a boom. Source Proshare Read More

90 % of IT projects in MDAs failed – NITDA - The National Information Technology Development Agency (NITDA) has said its investigations revealed that over 90% of IT projects in MDAs and other government establishments failed and more than 95% of their security is compromised. Source Daily Trust Read More

Dubai Trader Gets First Middle East License in Cryptocurrencies - Dubai gold trader Regal RA DMCC is the first company in the Middle East to get a license to trade cryptocurrencies, the Dubai Multi Commodities Centre said. Source Bloomberg Read More

Bitcoin Risks Crashing to $900 If Dot-Com Mania Is Any Guide - Bitcoin is heading lower -- much lower -- if the go-go years of the dot-com bubble are any indication. Source Bloomberg Read More

Bitcoin Chip Battle Brewing Behind Hut 8's Canadian Listing - A new stock listing in Canada will soon give investors their first chance to buy into the booming market for computer chips driving most of the world’s bitcoin mining farms. Source Bloomberg Read More

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